Monday, 13 July 2015

IRELAND DESTROYS ANOTHER €500M - headline missed last week

And so
it continues, the Quantitative Squeezing programme as ordained by the ECB.

Today, buried in an obscure
report, news emerged that a few weeks ago, June 26th 2015, very
quietly, Ireland's NTMA bought a Promissory Note bond from the Irish Central
Bank with €500m of borrowed money, money on which we are paying interest and
money which we'll have to repay at some future date; the report noted that the
NTMA then destroyed/cancelled that bond.

What you're not told
is that the Irish Central Bank in turn then destroyed that €500m, 'extinguished
it', to quote Governor Patrick Honahan, took it out of circulation per the
demands of the ECB.

Yes, you read
that right;

June 26th 2015

IRELAND
DESTROYED €500,000,000 OF BORROWED MONEY

You won't read it in any
headline, not in those stark terms anyway, that's for sure; it's a truth this
government wants buried, a truth we in the 'Ballyhea Says No' campaign are trying to expose.

It's the legacy of the
Promissory Notes €31bn created in 2010 to bail out the creditors of Anglo Irish
Bank, Irish Nationwide Building Society and Irish Permanent.

It is also the legacy of
Finance Minister Michael Noonan and this government to your children, and to
your children's children, debt slavery for the next 40 yrs to bail out the
creditors of three zombie non-systemic banks, breaking the clear rule of the ECB
on the use of ELA, Emergency Liquidity Assistance.

The
ultimate cost? For the full €31bn, upwards of €80bn but could be a lot
more, depending on market conditions when the sales occur. For a debt
that is not ours, was never ours, will never justly BE ours.

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